By Allen B. West
It’s been the big news since last Friday, overshadowing just about everything else. Yes, we’re thrilled for the bravery and heroism of three young American men who stood up to an Islamic terrorist on a Paris-bound train, but that’s not the big news. The big news isn’t the graduation of two females from U.S. Army Ranger School. And it’s certainly not the ridiculous reopening of the British embassy in Tehran, Iran. This news even overshadows the now seemingly imminent entry of Joe Biden into the 2016 presidential race, which we predicted here. What’s on the mind of every American is the Dow Jones plunge, which has once again brought the state of our economy back to the forefront.
As reported by FOXCT yesterday:
The Dow closed down down 588 points after day of massive swings. The Dow plunged as much as 1,000 points at the open on Monday — but it rebounded a bit and closed 588.47 points down at 4 p.m, representing the worst one-day loss since August 2011.
After recovering from those initial scary losses, the final drop was 3.58 percent.
Global fears about China’s economic slowdown are shaking stock markets around the world for a second week in a row. The wave of selling knocked the S&P 500 into correction mode for the first time since 2011.
Within minutes, the Dow plummeted as much as 1,089 points. That is the largest point loss ever during a trading day, surpassing the Flash Crash of 2010.
“We have not seen this level of full-blown panic in markets for quite some time,” said Peter Kenny, chief market strategist at Clear Pool Group, a financial technology firm. However, Monday was not that bad compared to “Black Monday” in 1987. Yes, there’s a lot of panic, but the Dow tumbled a whopping 22.6 percent on October 19, 1987. On Monday, the Dow was only down about 6.6 percent at its worst point. If this were a true “Black Monday” like what happened in 1987, the Dow would have fallen 3,700 points.”
Naturally, this sharp market volatility has sparked much concern about individual 401k and investment portfolios, as well it should. And, naturally, it begs the question of how well our economy is actually doing beneath the well-crafted messages about recovery.
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